Nasdaq's planned launch of a 23-hour, five-day trading schedule on December 6, 2026, underpins the 95.1% market-implied probability for round-the-clock operations by year-end. Multiple SEC approvals for exchanges including Nasdaq and Cboe EDGX, combined with DTCC's 24x5 clearing extension and SIP amendments for overnight price bands, have aligned infrastructure and regulatory frameworks. Global investor demand, particularly from Asia-Pacific participants seeking alignment with local hours, drives the initiative amid competition from crypto venues and existing ATS overnight activity. While consensus reflects completed rule filings and confirmed testing timelines, tail risks include potential last-minute SIP delays or unforeseen operational hurdles that could shift the exact start date within the December window.